DeFi projects are seeing a surge in the amount of fees paid and token prices. For starters, the DEX Uniswap has outperformed its host blockchain Ethereum.
According to data from Crypto Fees, the average daily amount of fees paid on Uniswap was $4.87 million last week. The average on Ethereum in the same period amounted to $4.58 million per day. On the peak day, June 15, Uniswap accumulated $8.36 million, while Ethereum followed with $7.99 million.
Uniswap’s most advanced protocol V3, which is based on the Ethereum mainnet, brought $4.4 million. Its V2 protocol brought $336,556.
The fact that Uniswap is ahead of Ethereum is especially notable as Ethereum is where the majority of DeFi projects are situated at. Moreover, Ethereum has a reputation for its costly fees.
Recently, AAVE and Synthetix both experienced notable surges as well. AAVE is a decentralized lending platform. Synthetix is a trading platform that deals in synthetic derivatives trading. According to Crypto Fees, they are now ranked third and fifth in terms of average fees paid over the past week. They’ve accumulated $981,883 and $600,214, respectively.
On June 15, AAVE’s total in terms of fees increased by 69%, amounting to $1.44 million. Sythentix experienced a massive increase in paid fees. Between June 11 and June 19, the amount rose to about $1 million, which is more than a 1000% increase.